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Today we look at the chart of Fantom (FTM). FTM hit an all-time high of $3.48 in October last year. The price has retraced with the rest of the market since November last year, finding support on February 24th at $1.30. Since then, the price has moved up, managing to get above the all-important $2 yesterday.
What is also interesting is that FTM has also managed to get above the daily support line that it lost previously. This support line comes from August last year. The price has retraced slightly since yesterday, and has currently found support on the daily trend line, at around $1.90. If we hold the daily support line, anywhere between $1.85 and $2 is a buy for me. A take-profit area would be at the 0.618 Fibonacci retracement level of $2.64, which is calculated between the high in October last year, and the low of last month.
Some of the Layer-1 projects have been moving up in price over the last week, and we believe that Fantom has a lot of upside potential in the next couple of weeks. Of course, that also depends on the stability of BTC.
